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please show me how to prepare a federal tax return Tax return 1-4: Assuming Jay and JoAnn have an unincorporated business that they run as

please show me how to prepare a federal tax return

Tax return 1-4: Assuming Jay and JoAnn have an unincorporated business that they run as a sole proprietorship, prepare their joint Federal income tax return for 2021. Assume that they have no dependents, do have insurance coverage, do not have any other income or itemized deductions, and they made quarterly Federal income tax payments totaling $7,000. Dont forget to include a standard deduction. You should complete a Schedules 1,2, C, SEs, and Forms1040, 4562 8995

Jeff and JoAnn Jefferson are married and have a joint consulting business as a sole proprietorship. Below are the Income Statement and Balance Sheet for calendar 2021

Income Statement

Consulting revenue

$256,000

Salaries expense, employees

100,000

Payroll tax expense

18,000

Owners Salary(Officer compensation

70,000

Rent expense

12,000

Depreciation

2,000

Travel expense

4,000

Health Insurance (employees)

6,000

Health Insurance (owners)

4,000

Meals catered by local restaurant

1,000

Entertainment

1,000

Supplies

5,000

Net Book Income

$33,000

Balance Sheet

Assets:

Cash

26,000

Computer

10,000

Computer A/D

-2,000

Total Assets:

$34,000

Common Stock

1,000

Retained Earnings

33,000

Total Liabilities and Equity

$34,000

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